Ethereum Surges Past $4,200 as Whales Accumulate Over 1M ETH
Ethereum price surged above $4,200 for the first time since December 2024. Retail sentiment has turned strongly bullish, with hashtags like #buying, #bullish and #higher dominating social media. Crypto analytics firm Santiment warns that excessive FOMO could temporarily stall the rally if optimism becomes one-sided.
Institutional whales have played a key role in this upswing. Since July 10, unidentified entities have acquired over 1.035 million ETH—worth roughly $4.17 billion—at an average price of $3,546. This large-scale strategic positioning coincided with a 45% rally from $2,600 to $4,000.
On the supply side, Ethereum’s circulating supply reached a record 121 million ETH as of August 9, up from 120 million in August 2022. The network mints around 2,500–3,000 ETH daily, while 36.18 million ETH remain locked in staking contracts. Total issuance now stands at approximately 157.18 million ETH. This dual mechanism of new issuance and staking-driven absorption helps balance inflationary pressure and long-term price stability.
Key takeaways for traders:
• Watch whale wallets and institutional platforms for further accumulation signals.
• Monitor social sentiment to gauge FOMO risk.
• Track daily issuance versus staking inflows to assess net supply growth.
Overall, the combination of strong demand, whale buying and record supply metrics suggests a bullish outlook for Ethereum in both the short and medium term.
Bullish
The article highlights strong retail and institutional demand driving Ethereum above $4,200, with over 1 million ETH accumulated by whales since July 10. Record circulating supply and staking metrics balance inflation concerns but have not dampened price momentum. Historically, large whale buys and positive social sentiment often lead to further rallies. Short-term volatility may occur if FOMO peaks, but medium-term outlook remains bullish as demand continues to outpace issuance.